New ISO 20022 implementation timeline for cross-border payments

New ISO 20022 implementation timeline for cross-border payments

ByPaul Janssens, SWIFT

on

SWIFT has extended the originally announced date by one year ISO 20022 messages for cross-border payments and cash reporting businesses (CBPR+).  Read more...

Acting on feedback from the community, SWIFT will enable ISO 20022 messages for cross-border payments and cash reporting businesses (CBPR+) starting from the end of 2022, which extends the originally announced date by one year, so that banks can adopt at their own pace, and reduce the total industry costs of realising the benefits of ISO 20022 together with the new platform. This modifies timings announced to the community in September 2018. The work already undertaken by the community for ISO 20022, including data remediation, channel improvements and back-office processing is not wasted and will play a critical role in enabling future innovation by banks.

 

The end-date to enable full ISO 20022 for cross-border payments remains as originally planned, November 2025. The coexistence period for current SWIFT MT messages and a new API-based exchange will last until that date.

This means that financial institutions can maintain existing standards or migrate, and plan change at their own pace in line with their own innovation priorities. SWIFT support for market infrastructure (MI) ISO 20022 migration initiatives, including TARGET2 and Eurosystem Market Infrastructure Gateway (ESMIG), Bank of England (new RTGS) and other MIs is not affected.

 

A community FAQ is available here. More detailed information regarding the full benefits of SWIFT’s new approach to ISO 20022 will be shared in the coming months.